EV battery\u002Dmaker Northvolt said generous subsidies among reasons it picked Quebec for its first plant in North America. Read more here.
To help attract Northvolt, Canadian Prime Minister Justin Trudeau’s government is matching subsidies available for U.S. manufacturing under the Inflation Reduction Act. The support during construction as well as battery production may amount to more than US$5 billion, and follows similar commitments forQuebec’s clean hydroelectric power will “slash by half the total footprint of the carbon dioxide required to produce batteries,” co-founder Paolo Cerruti said in an interview.
In a first phase, Northvolt’s Montreal factory will have a capacity of 30 gigawatt hours of annual lithium-ion cell manufacturing and will also produce cathode components and recycle old batteries. No timeline was provided for a second phase that would double output.Article contentGovernment funding will amount to about US$1 billion each from Canada and Quebec toward construction, mostly in loans that may be partially forgiven if Northvolt meets certain conditions.
Cerruti, who previously led the supply chain and operations planning at Tesla, will lead Northvolt’s North American operations. The battery maker, created seven years ago, has already received US$55 billion in orders from BMW, Volvo Car and Volkswagen.
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